Can A Foreigner Buy A Home In Canada?
Can a foreigner buy a home in Canada? Not So Fast. A two-year ban has been imposed on foreigners buying homes in Canada. According to officials, the ban is aimed at easing pressure on the world’s most expensive and unaffordable housing market.
Foreign Buyer Ban Canada 2023
According to the report of the British Broadcasting Corporation, from January 1, 2023, foreigners and those who are not permanent residents of Canada cannot buy property there, and those who violate it will be fined 10,000 Canadian dollars. “This measure prohibits foreign commercial enterprises and people who are not Canadian citizens or permanent residents from acquiring nonrecreational, residential property in Canada,” Ms. Vaupshas wrote.
Prohibition on the Purchase of residential property by Non Canadians Act
Just 11 days before the ban took effect in late December, the Canadian government introduced rules that exempted certain people from the ban, including foreign students who have been in the country for at least five years, refugees and Includes persons with temporary work permits.
The average house price in Canada’s two largest cities, Toronto and Vancouver, is one million Canadian dollars, making it one of the 10 most expensive cities in the world.